TORONTO, Jan 31 (Reuters) - Denison Mines said on Monday that it will cut uranium production by 17 percent in 2011, and focus on exploration as it looks to boost production to at least 10 million pounds a year by 2020.
The Toronto-based company plans to produce 1.2 million pounds of uranium and sell 1.3 million pounds in 2011.
The company produced 1.4 million pounds of uranium in 2010 and sold 1.8 millions pounds at an average price of $47.67.
Spot uranium is currently selling at $70 a pound.
The company will spend $8.8 million on exploration in 2011, including $6 million at Wheeler River in the uranium-rich Athabasca Basin of Saskatchewan.
Denison also plans to produce 2.2 million pounds of vanadium, which is used in steel hardening.
Shares of Denison closed at C$3.38 on Friday on the Toronto Stock Exchange.
(Reporting by Julie Gordon; Editing by Derek Caney) Keywords: DENISONMINES/ (julie.gordon@thomsonreuters.com; +1 416 941 8136; Reuters Messaging: julie.gordon.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Toronto-based company plans to produce 1.2 million pounds of uranium and sell 1.3 million pounds in 2011.
The company produced 1.4 million pounds of uranium in 2010 and sold 1.8 millions pounds at an average price of $47.67.
Spot uranium is currently selling at $70 a pound.
The company will spend $8.8 million on exploration in 2011, including $6 million at Wheeler River in the uranium-rich Athabasca Basin of Saskatchewan.
Denison also plans to produce 2.2 million pounds of vanadium, which is used in steel hardening.
Shares of Denison closed at C$3.38 on Friday on the Toronto Stock Exchange.
(Reporting by Julie Gordon; Editing by Derek Caney) Keywords: DENISONMINES/ (julie.gordon@thomsonreuters.com; +1 416 941 8136; Reuters Messaging: julie.gordon.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.